Baltimore City Fire & Police Employees' Retirement System committed $15 million to StepStone Diversity Fund II.
The $3.1 billion pension fund's board approved the commitment to the buyout fund managed by StepStone Group at its May 16 meeting, spokeswoman Amy E. Baskerville said in an email.
The pension fund has made numerous commitments to StepStone, most recently committing $20 million to StepStone Opportunities Fund VII in 2021.
As of June 30, the pension fund's actual allocation to private equity was 12.3%; the target is 11%.
Investment consultant NEPC assisted.